DBR Chamber of Commerce: GLCU helps underbanked and unbanked communities

April 05, 2021

Bannockburn, Illinois – The Great Lakes Credit Union (GLCU) ​​is proud to announce its recertification with Bank On Chicago. Through this partnership, GLCU will be able to help underbanked and unbanked communities in the Chicagoland region to access banking products and financial education. A full-time worker who forgoes traditional retail banking products is billed about $ 40,000 in lifetime fees. Bank On Chicago strives to increase financial education by forming a collaboration with the Economic Awareness Council and Chicago area agencies, financial institutions and nonprofits.

All GLCU locations will now offer a Bank On bank account for eligible community members. Consumers can visit any GLCU branch to open an account that protects them from unpredictable fees for basic account transactions. With a GLCU Fresh Checking Bank On account, GLCU members can expect no monthly fees, no NSF / overdraft fees, no minimum balances to maintain and a free instant issue debit card. GLCU members can make a fresh start regardless of their past credit.

GLCU is proud to have two representatives appointed to serve on the Bank On Illinois advisory committees. Steve Bugg, President and CEO of GLCU, will serve on the Financial Products Committee. This committee will focus on providing advice and strategic input to develop products and content for the certification of new banking partners. GLCU’s Financial Education Program Director Jennifer Shimp will sit on the research committee. The Research Committee will provide advice to the Commission through research and subject matter expertise to help further the mission of Bank On.

Improving financial well-being in the State of Illinois is one of GLCU’s top priorities. To help support financial education and user-friendly lending practices, GLCU supported the Predatory Lending Prevention Act. This law prohibited financial institutions from charging an annual percentage rate (APR) greater than 36% to payday loans and title deeds. Many Illinois residents who use these two services earn less than $ 30,000 per year. By capping the APR, this law offers protection to consumers and eliminates a factor in the debt cycle of many Americans. With GLCUs

support, the law was passed on March 23, 2021, making Illinois the 18th state to institute these restrictions.

GLCU continues to help improve the lives of others through financial education with our HUD Certified Housing and Financial Wellness team. GLCU provides free, personalized advice and guidance for those looking for anything from improving their credit to the next step in home ownership.

“As we continue to serve a growing and diverse number of members, it is imperative that GLCU continues to support initiatives such as these; promoting fair consumer products and practices in the financial landscape. – Nick Mathews, vice president of marketing for GLCU.

To schedule a visit with a financial advisor, visit

https://www.glcu.org/education-and-housing-counseling/.

For more information on GLCU’s Fresh Checking account, visit https://www.glcu.org/bank/checking/FreshChecking/

To learn more about the Predatory Loan Prevention Act, visit https://woodstockinst.org/news/press-release/1792release/

– The Great Lakes Credit Union (GLCU) ​​is proud to announce its recertification with Bank On Chicago. Through this partnership, GLCU will be able to help underbanked and unbanked communities in the Chicagoland region to access banking products and financial education. A full-time worker who forgoes traditional retail banking products is billed around $ 40,000 in lifetime fees. Bank On Chicago strives to increase financial education by forming a collaboration with the Economic Awareness Council and Chicago area agencies, financial institutions and nonprofits. All GLCU locations will now offer a Bank On bank account for eligible community members. Consumers can visit any GLCU branch to open an account that protects them from unpredictable fees for basic account transactions. With a GLCU Fresh Checking Bank On account, GLCU members can expect no monthly fees, no NSF / overdraft fees, no minimum balance to maintain and a free instant issue debit card. GLCU members can make a fresh start regardless of their past credit. GLCU is proud to have two representatives appointed to serve on the Bank On Illinois advisory committees. Steve Bugg, President and CEO of GLCU, will serve on the Financial Products Committee. This committee will focus on providing advice and strategic input to develop products and content for the certification of new banking partners. GLCU’s Financial Education Program Director Jennifer Shimp will sit on the research committee. The Research Committee will provide advice to the Commission through research and subject matter expertise to help further the mission of Bank On. Improving financial well-being in the State of Illinois is one of GLCU’s top priorities. To help support financial education and user-friendly lending practices, GLCU supported the Predatory Lending Prevention Act. This law prohibited financial institutions from charging an annual percentage rate (APR) greater than 36% to payday loans and title deeds. Many Illinois residents who use these two services earn less than $ 30,000 per year. By capping the APR, this law offers protection to consumers and eliminates a factor in the debt cycle of many Americans. With support from GLCU, the law was passed on March 23, 2021, making Illinois the 18th state to implement these restrictions. GLCU continues to help improve the lives of others through financial education with our HUD Certified Housing and Financial Wellness team. GLCU provides free, personalized advice and guidance for those looking for anything from improving their credit to the next step in home ownership. “As we continue to serve a growing and diverse number of members, it is imperative that GLCU continues to support initiatives such as these; promoting fair consumer products and practices in the financial landscape. – Nick Mathews, vice president of marketing for GLCU. To schedule a visit with a financial advisor, visit https://www.glcu.org/education-and-housing-counseling/ . For more information on GLCU’s Fresh Checking account, visit https://www.glcu.org/bank/checking/FreshChecking/ To learn more about the Predatory Loan Prevention Act, visit https://woodstockinst.org/news/press-release/1792release/


This press release was produced by the DBR Chamber of Commerce. The opinions expressed here are those of the author.


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Kristina McManus

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